u.s.-centric and for me it is xlu and utilities, pharma and pfizer. could you own it and sell calls against it. and then in u.s. telecom. at&t and verizon with a 4% or 5% dividend yield. all of those are avoiding overseas dollar and they have a fat yield. this is a difficult equity environment for returns like last year. >> karen, did you do anything in values today. >> i didn't. but there is a number of things i like. whole foods is sort of the interesting to me. but it rallied into the end of last year. i'm long the banks. been long for a while. they weren't down enough to step in and buy more. i am a little afraid there. but we also have a hedge on -- i didn't take back the hedge today. i probably would tomorrow. >> gee? >> karen said it earlier, macy's traded exceptionally well. up 2.5%. cut in half over the last six months. in a perverse way, maybe the cold spell is helping these guys. the valuation is reasonable. they will have a quarter at some point that surprised people to the upside. given the way it traded today, if nothing else off the 52-w

u.s.-centric, i think times are good here. i think -- and we get stuck in this idea that everything is bad all over the world. they are good here for the consumer. so i'm not worried. so a name like footlocker, they do have european exposure but they are primarily u.s. based. i look them. >> twitter lost half of the value but they just did something that could change their fortune. we'll tell you what that is right after this. i'm melissa lee and you're watching "fast money" on cnbc, first in business worldwide. here is what else is coming up on "fast." >>> you are talking oil, who knows. but some traders think big dividend cuts are in store for big oil. we'll name names. >>> plus -- >> the state of the union is not good. >> and neither is the market. and we'll tell you the one thing that has investors most scared. and it is not oil. we'll explain when "fast money" returns. >>> welcome back to "fast money." i'm aim on javerss in washington, where officials are saying ten u.s. navy sailors are being held by the iranian governme

u.s. centric, but not entirely u.s. if you listen to the comments on the call and look through the earnings without knowing what was going on in the markets, would you have seen nice loan growth, net interest market expansion. both are really good. you would have seen capital getting stronger. you would have seen an incresse in energy reserves. that's not unexpected. i thought it was good. i thought the way they talked about the u.s. economy, it's doing fine but not great. it's doing fine. i thought the stock should have been up more than it was today on what i thought were decent earnings. >> i would say in this environment, going into this environment, people had been worried about the banks and credit contagion. the consumer is down more. they said there was a 63% rise in the energy-related nonperforming loans. deteriorating credit quality is what i think people have been selling the banks on. their core business, their investment banking numbers were better. the things they do blocking and tackling, consumer deposit

u.s. centric, they have a very contained business. they are a commercial lender.ot a big investment banker. things like wild swing in the market -- swings in the market do not impact them as much. so, wells fargo is benefiting in some sense from the fact that they are more streamlined. citigroup is struggling from the fact that they do semi-things. you.: thank christine harper, our executive editor of finance. as we go to the break, we will look at how treasuries are trading. they are the safe haven at this point. the yield is coming down for the 10 year. ♪ ♪ betty: live from -- from bloomberg world headquarters in new york, good morning. i am betty liu. we're watching the markets carefully. hovering around lows of the session the dow is down 350 points. if we can stay on this track of decline, we will see the biggest loss in the dow since february of 2009. let's turn to oil, because that is what is driving the losses. you can see nymex crude below the $30 per barrel level. you heard dan yergin say that is partially due to iranian oil supply hitting the market. cr

u.s.-centric type stock. selling puts and target with the opportunity of buying stock at $55 a share. >>> two weeks ago our next guest said this about the marks. take a listen. >> you get a retest of the lows working at 1900. that is the big round number. at a minimum i think we test the 1900. we could cross that bridge when we get there. >> so let's cross that bridge. because we're there. rich rox of ever core is back with us with another bold call. rich, where do you see stocks going now? >> michelle, first of all, thanks for the clip there. that is fantastic. what i see we're set up for is a bounce, not a bottom. let's be perfectly clear, the intra day reversal, it wasn't a round trip of the decline, it was the first signs of trend exhaustion throughout the horrendous start to the year. we get the reversal again. we reclaim most of the damage. we did close below the august lows of 1867 and below the 2014 september lows as well. now to me, looking at this chart, it still seems like a big head and shoulder t

u.s.-centric that i find attractive. so we talk about the retail space. i don't think that is really -- it is not a china story. so i'm comfortable having exposure in that area. the one thing to me that was odd was the fang strength. they sold off and came back and ended up kind of fine. i would have thought that if the market was really headed down you would start to see the air get really quickly go out -- >> don't you think that is a matter of portfolio managers don't know what to do in this environment so the first couple of days they wind up doing the attack selling, dan nathan pointed that out. >> no, tax selling had to happen next year. >> no, they didn't want to take the profits. >> you are talking about gain. got it. >> so if they take the gains now, they have a year to right those off or acquire them. now you start to see, do they buy the laggards? they did it for a day. do they continue to do it? i think they don't understand the market place and go back to what is working. >> so do they continue to do -- i don't care what they do. what do you

u.s. centricity that it's astounding to me. you know, it keeps going lower. >> i'm sorry, karen. quickly going back to fcx. if you want to see what happens to the other side. look at u.s. steel today up 12% and u.s. steel in the aftermarket, given almost the entire thing back after they reported earnings. the businesses are still challenged despite -- despite the fact, that yes, we saw a bit of a rally in crude. we saw some stabilization in copper. i get it, it's bigger than in a. >> got to head to break here. let's check out shares of apple trading i believe lower at this hour. the conference call is now well under way, down three-quarters of a percent. what will tim cook say about china? we'll bring that to you as soon as we get it. i'm melissa lee on "fast money" first in business worldwide. meantime, here's what else is coming up on "fast p." >> announcer: still worried about that bond bubble? well, treasuries just had their best month in a year and the head of vanguard's global fixed income says there are still opportunities. he will explain. >>> plus -- >> let's make a deal.

u.s. dollar centric.k it has as there are a lot of corporations in china that have debt in dollars. that is a risk because you may have credit contagion. but it is something we are doing steadily and slowly. they are not holding the market's hand. the market hates that it overreacts because they like to be told what is happening and why. anna: this is a lack of communication? that is white we are seeing the view.l? >> that is my i don't think this is an indication of a hard landing. i don't think there's anything in the numbers indicative of that. just at the chinese authorities are not telling the market what they are doing. >> you think that is the case not that the chinese authorities note more than we do about the stakes of the hard landing and that's why other investors might get worried? >> i think business makers in china still know what they want to do and how they will do it. it's just a lack of handholding. >> it is learning to be more efficient with its like which. >> in the yuan, $140 billion

u.s. centric businesses as well. whether it is autos zone or clorox or even walmart i disagree with people on that. walmart is a value on this point. ashley: coming back a little bit more. stuart: we were down 300 plus, now we are down 190. as larry levin said it is quarterly. this is not a panic sale by any means. liz: an interesting admission, recapping what you are saying, our circuit breakers did not work as well as we expected. charles: centrally planned government. stuart: look at oil please. now we have come back on oil, 33 and big change. just looking on our screen, 3350, 3357, we have hit 32 earlier, got to come air, stocks are coming back a little bit, relax, relax. this is a horse race. we have a cast of characters that comes in and goes out and here is gerri willis. what do you have for me? gerri: this date in the market going on, the same time fidelity releases the big important survey about the proportion of americans who are ready for retirement, a 55% cannot even cover their basic need in retirement.

u.s. is going. >> when you woke up this morning, what is the issue on your mind that you were thinking about? >> after we finished the sandwich and two centric between paul krugman who is a political hack economist debating stephen moore, who is an actual economist, paul krugman is such more glib. i'm sure that he will be perceived to win the debate. almost everything that comes out at his mouth is usually not just wrong but the opposite of the right thing. but he's fun to listen to and clever. i thought about this along with the interview that we are doing as the highlight of my day. >> you have to give paul krugman credit though for coming here to freedom fest, don't you? >> i do but unlike most nobel prize recipients it's building the own personalities i suspect if you wave a camera or a crowd in front of him he will appear like a lapdog anywhere. >> from right on the money people need to understand that cops are not their friends, the last thing you want to do is have any contact with them at all. >> this isn't true of all cops of course. some are good guys. but the problem is that many of them, maybe most of them for all i know seem to

western europe, for example is a more tap-centric payment country. in the u.s., we are further behind. however, you know, technology company, we are very optimistic about technology advances. five years ago, the cell phone smartphone penetration was very different than it is today. new applications of service are quickly adopted, if they are helpful and make an impact. so we are hopeful that there's enough security, utility and a better experience to compel consumers to move forwards a more technology-centric way of paying. >> thank you. and mr. mueller, i understand that paypal utilizes the cloud for storage of consumers' payment information. why did you choose to utilize the cloud instead of storing payment information on the phone or the app? >> is it more secure? >> it is partly out of necessity, we don't have the same access to mobile phone hardware and operating system that some of the other companies that are operating point of sale payments through the mobile device do. with you also, with dough think there's some advantage of storing the information in